The substantial increase in the unemployment rate after the crisis in the year 2008, its persistence and slow gradual decreasing in European countries is the reason that makes us think about if the theory of hysteresis is applicable to European labour markets. The main objective of this work is to verify the hypothesis of hysteresis in labour markets at regional level in Greece and Spain. The unit root tests were used on the time series of unemployment rate between 2001-2015 for Greek regions and 2002-2016 for the Spanish regions. The result is that the theory of hysteresis in unemployment is applicable on all the regions in both countries. When the data series of employment are used, the results are different. In Greece only Crete and in Spain regions Andalusia, Balearic Islands, Canary Islands, Kastilie la Mancha, Catalonia, Valencia, Murcia and Ceuta exhibit the hysteresis in employment. There are also differences between rates of men and women in Spanish regions. When unemployment rates are considered, only three region have different results. But when employments rates are used most of women's time series can't be described as non-stationary in contrast of those of the men's.

The global financial crisis of 2008, which forced the central banks around the world to defend a financial stability by using non-standard instruments such as quantitative easing, has resulted in, among other things, the fall of the interest rates to zero, and even to negative values in some countries, which has become the new normal in banking field. In this thesis, we focused on the Czech financial market, and we used the method of Monte Carlo simulation in the Vasicek model for the prediction of the future development of interest rates, both short and long maturities. The model shows that in the short term the rates may fall to negative values, but the prediction shows rising interest rates up to their own equilibrium. The 3-months and 6-months rates show surprisingly uncharacteristic behavior, where their long-term decline and higher volatility caused calculation of the equilibrium as a negative value in the Vasicek model. Than we apply the results in the model for calculating changes in the prices of bonds, which are negatively correlated with the interest rates, and we explore the repricing costs for the bondholders. Also, we will show that commercial banks may control the impact of the interest rate risk on capital by composition of financial assets in various categories, where the accounting classification of the instrument is critical to revaluation of the capital.

This thesis deals with youth unemployment below 25 years of age in the European Union and Slovakia. The aim of this work is objectively evaluate and analyze the problem of unemployment, the explanation of the causes and consequences of total unemployment and youth unemployment and the definition of the main influences on the development of unemployment among people below 25 years of age. Result of the analysis suggests possible solutions how to reduce unemployment rate, or how to maintain an acceptable level of it and prediction of how will youth unemployment develop in the EU over the next five years. The work consists of six chapters. The first chapter is devoted to defining the basic concepts and explain the phenomenon of unemployment in economic terms. The second chapter presents the current state of unemployment in the European Union and Slovakia. The third chapter is analysing the development of unemployment in the European Union and Slovakia according to criteria such as gender, educational attainment and sector work. The fourth chapter focuses on the actions of the European Union to increase youth employment and the fifth chapter focuses on measures in Slovakia, along with specific examples of completed projects. Last sixth chapter contains the prediction of unemployment in the European Union in the future.

The thesis titled "Analysis of mandatory spending - debt service of the state" is essentially one of a series dealing with mandatory spending of the state, and that the cost of government debt. Individual chapters of the thesis deal in turn with the characteristics of the obligatory expenditures and factors that affect it. The penultimate chapter focuses on the specific quantification of these expenses in the period. The final chapter shows the evaluation of the state debt of the Czech Republic and the expenditure for the management of state debt. Level of expenditure on debt servicing in terms of gross domestic product, compared with western countries are significantly lower and not yet for the treasury risk factor. However, the absolute amount of the national debt over the last 6 years has doubled and the growth rate can be considered very disturbing.

Primary objective of this thesis was to analyse the relationship between exchange rate and interest rate within borders of a small open economy. Different theoretical approaches often present us with various, sometimes even opposing conclusions when it comes to the matter of direction and intensity of the causal influence between these two variables. From author's point of view it is important to perceive the interaction between exchange rate and interest rate as a dynamic process rather than a static relationship. The empirical analysis was conducted on monthly time series (2000-2012) of three selected small open economies -- Poland, Hungary and Czech Republic. Graphical analysis, linear regression, vector autoregression and cointegration analysis were selected as suitable tools for meeting the objective of this thesis. Models themselves presented us with interesting conclusions, for example a proof of the international Fisher effect, exchange rate causally affecting the interest rate (interest rate differential) in case of spot rates against euro. Another curious phenomena was the inflow of foreign debt capital, which, as it seems, was actually pulling the exchange rate down rather than pushing it up due to rising indebtedness of the economy.

The main objective of diploma thesis is to analyze and evaluate the situation of elder employees on the labour market in the Czech republic, where as in others developed countries of European union has negative demographic evolution. The first of all are mentioned fundamental demographic indicators including expected predictions for the future, next and also crucial part of thesis is dedicated to labour market with regards to changing structure in age structure of population. The group of elder workers is submitted to deeper analysis according to several standpoints such as reached education, gender or profession. The rest space is devoted to options and suggestions for this endangered group on the labour market, including examples of good practice from abroad. Thesis conclusion is focused on comparison with states of European union and fulfilling objectives in terms of European strategies.

The thesis analyzed the impacts of fiscal developments on the yield curve using quarterly data on the Czech economy over the period 2000:1 -- 2012:4. This thesis thoroughly reviewed the previous theoretical and empirical literature in order to sort out the rather inconclusive results of previous studies according to their main findings and implemented methodology. The empirical part consists of the estimation of the effects of budget deficits and government debt on the spread between the three-month and five-year interest rates, which closely reflects the effects of fiscal policy on the yield curve. The reduced-form equation was estimated by OLS. Since the estimated coefficients were not statistically significantly different from zero, this thesis did not confirm the conventional macroeconomic view of positive impacts on yields.

This thesis tries to describe government help to economy during the period of crisis in years 2006 -- 2013 in USA and Iceland with regard to Austrian business cycle theory. This thesis stands critical toward connection of fiscal and monetary policy and their activist policy because this policy was one of the causes of economical fluctuation in last years. Help of fiscal policy connected with monetary policy took primarily form of providing liquidity to financial sector and granting government guarantees to financial institutions and bailing out their risky assets. Regulatory measures are subjected to closer analysis and are commented according to data analysis.

Thesis Variants of determining the risk free rate in the business valuation is dedicated to the issue of estimating risk free rate for the calculation of the discount rate. The objective of this work is to demonstrate the influence of methods to estimate the risk free rate to business valuation based on the example of a selected company valuation. The first part is dedicated to the cost of equity, cost of debt and weighted average cost of capital. Next chapter focuses on the definition of risk-free interest rate and rating as an indicator of credit risk. The thesis also deals with theoretical methods for estimating the risk-free interest rate and their practical application. Values calculated on the basis of theoretical approaches are then applied in the calculation of the discount rate to calculate the present value of the cash flows of company.

The significance of credit risk models has increased with the introduction of new Basel accord known as Basel II. The aim of this study is default rate modeling. This thesis follows the two possible approaches of a macro credit risk modeling. First, empirical models are investigated. Second, a latent factor model based on Merton's idea is introduced. Both of these models are derived from individual default probability models. We employed data over the time period from 1988 to 2003 of the Finnish economy in the first part of this thesis. Time series of bankruptcy and firm's numbers were used. Aggregate data for whole economy as well as industry specific data were available. First, linear vector autoregressive models was used in case of dynamic empirical model. We examined how significant macroeconomic indicators determined the default rate in the whole economy and in the industry specific sector. However these models cannot provide microeconomic foundation as latent factor models. We employed a one- factor model in our estimation although, multi-factor models were also considered. A one-factor model was estimated using disaggregated industrial data. This estimation can help understand relation between credit risk and macroeconomic indicators. Obtained results were used in the second part of this...